housing trends: Senior Housing Also Singing the Blues in this Market
- 07/18/11 10:02 PM
Although most analysts agree that one of the most promising housing sectors for the near future is senior housing, the current housing slump is taking a toll on that very market. Rental and condo developments marketed to senior citizens are definitely attractive to the aging population because they require less upkeep and offer more amenities, but seniors are having trouble unloading their old homes in this market. And although according to Mike Pardoll, senior vice president of investments at Marcus & Millichamp, “the seniors housing sector has improved significantly from last year,” he adds that much of the improvement is due … (4 comments)
housing trends: More Disturbing News Regarding Home Prices
- 06/17/11 06:43 PM
There is more disturbing news regarding the real estate industry and the anticipated turn around ion values. Many have predicted that the bottom has been reached and that prices will soon begin to rise – even by the end of this year. I have consistently maintained that values in certain areas will rise but that in general, values will continue to fall for quite some time. My opinion is based upon the realization that there is approximately 36 months’ worth of shadow inventory being held out of the market by lenders. This means that if not one new home comes into … (1 comments)
housing trends: Wells Fargo Terminates Reverse Mortgage Program
- 06/17/11 06:27 PM
Wells Fargo has announced that it will no longer originate reverse mortgages. The bank indicates that changed economic times no longer allow for the transaction that enables senior homeowners to use a portion of a home’s equity as collateral and repay the loan out of their estate upon death. Since the repayment of the loan is based on the estate’s ability to sell the property and pay off the balance, many lenders have expressed concern that reverse mortgages will actually go underwater, making them a loss for the lender who made the loan. However, Wells Fargo has cited its main concern … (3 comments)
housing trends: It's official..Housing Prices Worse than Reported by the Media
- 06/03/11 09:06 PM
As analysts, experts and the media have gleefully been predicting for months now, the housing market has officially double-dipped accord to Standard & Poor’s Case-Schiller Housing Index. Home prices have now hit a “new post-recession low” and are comparable to mid-2002 prices. Previously, the all-time post-recession low was logged in 2009. Managing director of Standard & Poor David Blitzer calls the numbers “horrifying,” but emphasized that “it’s focused damage.” He said that because of foreclosures being focused in certain areas of the country rather than having a uniform distribution, the national situation might not be quite as bad as the numbers … (3 comments)
housing trends: Housing Prices Drop for the 57th Consecutive Month...
- 05/21/11 09:44 PM
Zillow announced last week that home values have fallen for a 57th straight month. This is clearly not good news for anyone but, it has hit beneficiaries of the $8,000 tax credit for first-time homebuyers particularly hard. The Wall Street Journal, announced that the first time home buyers (that purchased as a result of the Obama tax credits) have “lost twice as much to falling house prices as they gained from the incentive”. The initiative began as an incentive for first-time buyers, then it was expanded to include a $6,500 credit for existing homeowners who made a new purchase. The program … (0 comments)
housing trends: Housing Prices Drop for the 57th Consecutive Month...
- 05/21/11 09:41 PM
Zillow announced last week that home values have fallen for a 57th straight month. This is clearly not good news for anyone but, it has hit beneficiaries of the $8,000 tax credit for first-time homebuyers particularly hard. The Wall Street Journal, announced that the first time home buyers (that purchased as a result of the Obama tax credits) have “lost twice as much to falling house prices as they gained from the incentive”. The initiative began as an incentive for first-time buyers, then was expanded to include a $6,500 credit for existing homeowners who made a new purchase. The program … (0 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
Although most analysts agree that one of the most promising housing sectors for the near future is senior housing, the current housing slump is taking a toll on that very market. Rental and condo developments marketed to senior citizens are definitely attractive to the aging population because they require less upkeep and offer more amenities, but seniors are having trouble unloading their old homes in this market. And although according to Mike Pardoll, senior vice president of investments at Marcus & Millichamp, “the seniors housing sector has improved significantly from last year,” he adds that much of the improvement is due … (4 comments)
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